HARARE- Zimbabwe’s year-on-year inflation stood at -7.7 percent in December, official figures showed on Friday, as the adoption of multiple foreign currencies by the unity government earlier in the year ended hyperinflation.

The Central Statistical Office (CSO), which started calculating price increases in United States dollars last December, published annualised inflation data for the first time on Friday.

Zimbabwe’s inflation peaked at 500 billion percent — according to the IMF — as Zimbabwe’s decade-long political and economic crisis reached its height in December 2008.

The month-on-month inflation rate for December 2009 was 0.5 percent, a 0.6 percentage point increase on the November figure of -0.1 percent, the CSO said.

Zimbabwe’s economy is showing signs of recovery after a decade of decline, following the establishment of a power-sharing government between bitter foes, President Robert Mugabe and Prime Minister Morgan Tsvangirai last year.

Reuters